In 2021, the oil market is in turmoil. This trend might remain in force this year. The article dives into the detail.
The market is now quite nervous about oil and looking forward to further moves of the USD. This week, all eyes will be glued to these two assets.
There will be few numbers to analyse in the middle of both July and summer, and even fewer important events to reflect on. However, now is the exact moment when financial markets need to take a break to get rid of a lot of unnecessary emotions.
Another week of July will bring about not only the updated info about the commodity market by OPEC but also describe the opportunities for growth in the group of risky assets.
The final days of June and the beginning of July are promising to be dynamic: we have a ministerial meeting of OPEC+, a flow of statistics, and comments of monetary authorities. The market will simply have no time for reflection.
The second week of June is not going to be as fruitful in terms of statistics as the previous one; instead, it will refresh the investors’ understanding of credit and monetary policies of Central banks, as well as provide new estimations of the oil sector.
The beginning of summer is promising to be active: the amount of public statistics increases, another OPEC+ meeting is due alongside meetings of Central banks. Things are active, effective, and bright.
Colonial Pipeline put its work to a halt due to a hacker attack. Oil prices grew by 1.5%. Fuel shortage on the East Coast interrupted the work of airlines, and a state of emergency was declared in Florida.
The last week of March and the beginning of April in financial markets and other assets might be somewhat emotional due to the planned session of OPEC+ and a flow of US employment statistics.
Another week of March will be surprisingly eventful: there will be a lot of sessions of Central banks, a flow of statistics, which means investors will enjoy a whole assortment of drivers or making trading decisions.
At the first week of March, the market will focus on everything about oil production and, of course, the US employment statistics. Things will definitely not be boring.
Since the beginning of the year, oil prices have grown by over 20%, reaching the highs of the last 13 months. Analysts from the Bank of America and Socar Trading SA are sure that in the nearest future, oil price will reach 100 USD per barrel.